Silicon Motion Technology Corporation (NASDAQ:SIMO) Short Interest Update
by Sarita Garza · The Markets DailySilicon Motion Technology Corporation (NASDAQ:SIMO – Get Free Report) saw a large decrease in short interest during the month of February. As of February 27th, there was short interest totaling 537,938 shares, a decrease of 19.4% from the February 12th total of 667,782 shares. Currently, 1.7% of the company’s shares are sold short. Based on an average trading volume of 505,372 shares, the days-to-cover ratio is currently 1.1 days. Based on an average trading volume of 505,372 shares, the days-to-cover ratio is currently 1.1 days. Currently, 1.7% of the company’s shares are sold short.
Silicon Motion Technology Price Performance
Silicon Motion Technology stock traded up $3.15 during mid-day trading on Friday, reaching $123.26. 312,255 shares of the company traded hands, compared to its average volume of 492,864. The firm’s fifty day moving average is $122.76 and its two-hundred day moving average is $101.74. The company has a market capitalization of $4.19 billion, a price-to-earnings ratio of 33.86, a price-to-earnings-growth ratio of 0.82 and a beta of 1.02. Silicon Motion Technology has a fifty-two week low of $37.21 and a fifty-two week high of $146.85.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on the stock. William Blair started coverage on shares of Silicon Motion Technology in a research note on Thursday, January 22nd. They set an “outperform” rating for the company. Craig Hallum reaffirmed a “buy” rating and set a $160.00 target price on shares of Silicon Motion Technology in a research report on Thursday, February 5th. Wedbush lifted their price target on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Needham & Company LLC increased their price objective on Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Finally, B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $132.50.
Get Our Latest Stock Analysis on Silicon Motion Technology
Institutional Trading of Silicon Motion Technology
Several large investors have recently added to or reduced their stakes in the company. Frontier Capital Management Co. LLC increased its holdings in shares of Silicon Motion Technology by 115.4% in the second quarter. Frontier Capital Management Co. LLC now owns 1,281,115 shares of the semiconductor producer’s stock valued at $96,301,000 after purchasing an additional 686,261 shares during the period. Wolf Hill Capital Management LP purchased a new stake in Silicon Motion Technology in the fourth quarter valued at approximately $53,893,000. Hawk Ridge Capital Management LP increased its holdings in Silicon Motion Technology by 111.3% in the 4th quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer’s stock worth $73,024,000 after buying an additional 415,000 shares during the period. Ophir Asset Management Pty Ltd acquired a new position in Silicon Motion Technology in the 2nd quarter worth approximately $27,941,000. Finally, Man Group plc raised its position in Silicon Motion Technology by 820.7% during the 4th quarter. Man Group plc now owns 381,048 shares of the semiconductor producer’s stock worth $35,323,000 after buying an additional 339,663 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.
Silicon Motion Technology Company Profile
Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.